With technology rocketing forward at exceptional speeds, it won’t be too long before paper money becomes superfluous. In the modern, interconnected world where everyone is online, borders between countries vanish instantly and individual currencies become meaningless. The time is certainly ripe for an e-currency like bitcoin to take the world by storm.
Bitcoin can be used effectively as a substitute for regular currency already, and many people have begun to use it as a preferred alternative to their own country’s legal tender. There are plenty of advantages to switching. Payments are faster, can be done from anywhere in the world, are discreet, and the charges are miniscule or non-existent. This not only benefits customers, but can be advantageous to businesses as well.
Not only do businesses that have converted to bitcoin give themselves the edge over the competition in that they are an intriguing niche, the savings made from using the e-currency can be passed on to the customers. In highly competitive sectors such as online betting, some sites have realised that switching to bitcoin allows them to offer more enticing promotions.
This is why sports betting with bitcoin is becoming more prevalent. For bettors, you can now bet online wherever you are on mobile, and that essentially equates to having Vegas sports betting in your pocket. For operators, you can offer competitive odds based on the current market price of those bitcoins.
Whichever sector your business is in, one way to garner more clientele may be to switch to bitcoin in an effort to offer an alternative to the competition. Also, if the currency does soon become a major player, you will have a head start on your rivals. Bitcoin businesses will get free advertising as more and more sites discuss the phenomenon. In 2014, bitcoin’s Vice Chairman, Tim Draper, predicted that each bitcoin would be worth $10,000 USD by 2018, though it seems unlikely at the moment that the price will rise as quickly as he estimated.
There are other applications coming about in the near future in which bitcoin could play a major role, though. When virtual reality becomes a mainstream, essential item, it could take the way people socialise to whole new levels. The CEO of Facebook, Mark Zuckerberg, stated recently that he wants all his users to be chatting in VR scenarios as soon as possible. Engineers for the company are already working on ideas for virtual chat rooms, an idea that could completely change the way people interact.
Imagine if these chat rooms took the shape of virtual bars or virtual cinemas. People who are meeting in these places could be coming from all over the world, and they would need a common currency with which to buy things in the virtual setting. Bitcoin is ready to go and could easily be implemented in these situations.
Technological developments are happening within the blink of an eye and Bitcoin could be about to pounce. Business owners should strongly consider switching to the e-currency now to get ahead of the competition.